Soy Oil chart reading : possible pullback correction downside biased.
Soybeans (Source: CME)
US soybean futures end higher, with supportive supply side fundamentals provide strength to attract buyers after recent declines. Tight ending stocks estimates, uncertainty about flooded soybean acreage in the Missouri River Valley and ideas that some soybean acreage may go unplanted due to wet conditions, served as underpinning features, said John Kleist, analyst with ebottrading.com. The market's perception of strong overseas meal demand added support to offset the negative influence of slowing export demand and worries about the global economy. CBOT July soy end up 2 3/4c at $13.35 3/4/bushel, and Nov soy end up 2 1/4c at $13.35 1/2.
Soybean Meal/Oil (Source: CME)
Soy product futures ended higher, climbing in step with soybeans. Soymeal led the advances for most of the day, with talk of a potential pick up in meal demand from China amid record China pork prices causing expansions in the industry, said John Kleist, analyst with ebottrading.com. CBOT July soymeal end up $1.00 at $350.00/short ton, and Dec soyoil was up 0.10 cents at 57.36/cents a pound.
Palm oil rises as export numbers support prices
JAKARTA, June 20 (Reuters) - Malaysian palm oil futures rose on Monday, after dropping to a five-week low in the previous session, buoyed by rising export numbers from no.2 producer Malaysia, while near-term positive demand expectations also boosted prices.
"Palm oil is range-bound but a bit higher," said one palm oil trader. "Export numbers are good ... they are expected to be better than last month because of Ramadan month.
Malaysia palm oil firm denies breaching Indonesia's forest ban
KUALA LUMPUR, June 20 (Reuters) - Malaysian palm oil firm Kuala Lumpur Kepong (KLK) denied on Monday it had breached Indonesia's two-year forest clearing ban on the first day it was signed to law, calling the allegation by an environmental group "preposterous".
But Malaysia's third-largest listed planter said it stopped an "over eager" contractor from making an unauthorised clearing of a small logged over area that is a small part of one of its concessions in Borneo island.
No comments:
Post a Comment